Linde India’s delisting plans failed as its promoter discovered that the company was worth nearly thrice its market capitalisation.
BOC Group Ltd. and Linde Holdings Netherlands B.V., the promoters of Linde India, informed the exchange after market on Thursday that the discovery price came to nearly Rs2,025 per share in the delisting process.
“We wish to inform you that we have received a letter dated January 24, 2019, from the BOC Group, the acquirer, informing that it will publish the post-delisting offer announcement on January 25, 2019, as required in accordance with Regulation 18 of the Delisting Regulations in relation to failure of the delisting offer in the newspapers," the company said in a press note to the exchanges.
Linde India Ltd's share price ended at Rs712, up by Rs56.75 or 8.66%, from its previous close of Rs655.25 on the BSE.
The scrip opened at Rs645 and touched a high and low of Rs750 and Rs645, respectively. A total of, 16,74,394 (NSE+BSE) shares have traded on the counter. The current market cap of the company is Rs6,071.94cr.